UK still demands publicly accessible registers
Governor Daniel Pruce has confirmed that the United Kingdom’s stance on beneficial ownership transparency has not changed, with London still pressing the British Virgin Islands to implement publicly accessible company ownership registers within the financial services industry.
At a press conference this week, a journalist asked the Governor whether the UK’s position had softened following Premier Dr. Natalio Wheatley’s earlier indications that London officials received their explanation for partially accessible registers.
In response, the Governor said: “I think the words from the 3rd of July [and] the 22nd of July still stand,” Pruce replied, pointing to two ministerial statements issued over the summer by the UK’s Overseas Territories Minister.
The first, on July 3rd, set out expectations for the BVI to move towards broader access to beneficial ownership data, while a July 22nd statement confirmed that Baroness Margaret Hodge, the UK Anti-Corruption Champion, would visit the territory — with her trip framed as part of London’s push for greater transparency.
“There were discussions over the course of the summer which I wasn’t involved in … I think, therefore, I direct you to the statements that came out of colleagues in the UK as those processes move forward,” the Governor added, noting that those public statements remain the most up-to-date reflection of London’s view ahead of Baroness Hodge’s visit.
“So your assessment of those statement is that London’s stance isn’t softening then?” The journalist asked.
Governor Pruce replied: “I think the words from the 3rd and 22nd of July still stand.”
The issue of publicly accessible registers that show company owners in the financial services industry lies at the core of ongoing tensions between the BVI and the UK.
The territory has agreed in principle to introduce a “legitimate interest access” regime, allowing vetted parties such as journalists and civil society to view beneficial ownership records. London, however, has continued to press for a system that resembles full public access.
Local leaders warn that such a move could damage the territory’s financial services sector, which depends heavily on client confidentiality, while the UK insists the reforms are necessary to combat financial crime and meet international standards.
Baroness Hodge’s upcoming visit is expected to put further pressure on the territory, as the BVI government seeks to balance its commitment to transparency with protecting one of its most vital industries.
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we should comply, if we have nothing to hide
Our 2 pillars
Tourism -Nature’s Little Secrets
Finance – Financial Secrets Hidden
We don’t want to damage our key economic pillars by people knowing we hide terrorist or corrupt money or have people know we are an island of donkey tracks where people don’t have water or a living wage. We can’t process sewage or garbage and the island is littered with derelict cars trucks boats and the coral and mangroves covered with landfill.
Best we don’t let these Secrets out.
“Demand”? lol
What about the concern of the governed? The people should have a say in this.
Numerous countries around the world have central ownership records, but, the majority of these only allow qualified access to the records, very few allow full public access. The BVI has little to lose by holding firm on denying full public access on the basis the business will go anyway should it give in to the UK demand. No self respecting entity will do business in a territory that allows any Tom, Dick or Harry to walk in off the street and access their private information on the basis that everyone is guilty until proven innocent.
Easy-peazy… Charge $100, or maybe even $500, for each individual enquiry. The gov’t charges for every other thing. Just make it dear enough to not be for random net surfers looking for a jolly.
Do we have to take a dam blood test next?
Face it, if our government ministers or civil servants abscond with out tax money, we don’t like it.
if they do, what options do they have? First order is to set up a company in the dirty BVI, which happily provides this service to thieves, terrorists, oligarchs, cartels etc.
As long as they can play clever enough, our own government thief can find a way to work around the rules and regs the BVI has in place to supposedly ensure compliance.
And get away scott free with our tax money.
Meanwhile, we don’t have enough money to fix the roads, the sewage systems, the NHI is collapsing and many kids here get a terrible education because it’s so low priority in our budgets.
We are a place for dirty money, still. Stop defending it because by offering these anonymous services we are doing this to other countries. And we are pretending it is our ‘right’.
Open access by investigative journalists might find our stolen money. We need that. Everyone does, or the dirtiest people in the world are aided and abetted by the good Christian folk of the BVI.
That’s not a good look.
hearing two stories so confused. clean out them drugman and terrioist groups accounts yes
But how come the leader went to the UK, came back and said that the UK is on his side, and the fully agree with his take on things.
Too many F-ing lies coming from this man. When ever he interacts with UK leadership is comes back to the people with pure lies with the sole purpose to mislead the masses.
This man who is a Puerto Rican- American is far from the authentic VI people that I know. Once said he can find lucrative work anywhere in the world and be good. But it seems its only in Tortola you are recognized, no where else is making you Leader on anything.
IS LOOKING OVE YOUR SHOULDER AND SOON ITS GOING TO TOUCH YOU ON YOUR SHOULDER, AND SAY TO YOU ” ENOUGH IS ENOUGH ” LETS GO ( HOPEFULLY KARMA NAILS YA’AL ARZES TO THE CROSS AND MAKE YA’AL VONFESX TO THE PEOPLE ALL THE HIDDEN SECRETS / SOME WILL HIDE THEIR FAMILY FROM PEOPLE SO WE WON’T FIND OUT THAT THE PERSON THAT WE THOUGHT WAS A PERSON WITH INTEDRITY AND WAS SHOWN RESPECT – WAS NOTHING BUT A LIEING DIRTY CROOK & WE KNOW THE FRUIT DON’T FALL TOO FAR FROM THE TREE . SO ITS BIRDS OF THE FEATHER .
What in the carmen santiago is wrong with those pale skinned devils in South AFRICA?
They went into Africa and are now demanding that indegenous South Africans give up their mother land for them
Are those people human?
South Africans needs to take out their arms, dust them off and end that neusance once and for all.
@brad: you ask what about the concern of the govern, the govern was resplendent until these mafia and drug runners come use our politicians as their marionette to set up laws behind the people back that are secret or esoteric to politicians and criminals alone, that’s how the external executive gotta get involved as the governor, the politicians are servants of the people, and they are hell bent on preventing the people who are the govern from knowing what their servants or politicians is doing with our country, instead our servant will fight tooth and nail to hid a drug man cash in the BVI, and UK a partner for the people can’t ask any questions for us. They think they should blind side the UK as they doing to the BVI people.
What a bunch a corrupt evil politicians, and they rule you up to think nationalism and patriotism, so you there think you defending the BVI but really you are defending the underground mafia and their monies which I believe the politicians get some to pocket personally why they defending to keep the register secret.
“ Local leaders warn that such a move could damage the territory’s financial services sector,”
With respect what do the politicians know? As a professional who has been working in this industry for a long time I don’t have a single client who is worried about this. If they do they aren’t the type of client I want.
Local leaders don’t understand the industry and are likely more interested in hiding their personal companies and source of wealth.
Are we the only ones who have to have public registers? Also we’re not the ones hiding anything all we do is charge incorporating fees. This sounds like something designed to kill us because we found a way to independently generate revenue by allowing offshore entities to register their companies here. They do not bank here and their wealth is not here. What’s the real issue?